A Free Trade Agreement (FTA) is a legally binding agreement between two or more countries to reduce or eliminate barriers to trade, and facilitate the cross border movement of goods and services between the territories of the Parties. China and Singapore signed the China-Singapore Free Trade Agreement on October 23, 2008. Under this Agreement, the two countries will accelerate the liberalization of trade in goods on the basis of the Agreement on Trade in Goods of the China-ASEAN FTA and further liberalize the trade in services. The CSFTA came into force on Jan 1, 2009. The CSFTA will further create opportunities for business especially manufactures from both countries to grow their links in each other’s markets by further reducing and removing barriers to trade Benefits to Exporters to China
1. The CSFTA will enhance Singapore companies' access to the vast Chinese market and further boost our excellent bilateral trade and investment relations. Currently, China is Singapore's third largest trading partner and largest investment destination CSFTA also provide preferential coverage for about 95% of Singapore's exports to China.
2. Singapore and China have agreed to simplify our customs procedures to facilitate Goods trade. The key facilitative commitments include Third Party Invoicing, Advance Ruling to provide traders with more certainty and enhancement of the application of risk management to facilitate the clearance of low risk consignments. Singapore companies to benefit from updated CSFTA
* China will make it easier for Singapore companies to provide ASEAN-China FTA Package 2 Services such as non-academic as well as badminton training, computer reservation, transportation services; * China will accept Singapore companies’ method of shipping interchangeable finished products together and accord tariff concessions accordingly and; * Singapore Custom’s practice of stamping “Issued Retrospectively”...